Apple Inc.’s iPhone business looks to be a portrait of resilience, according to numerous analysts, as the company indicated late Thursday that macroeconomic pressures had yet to dampen demand for its smartphones.
Rakers was upbeat about Apple’s continued ability to steer through the macro storm, writing that while the company faces “considerable challenges” from foreign-exchange pressures and economic trends, its results showed “resiliency” and the company should be able to do better than the PC and smartphone markets more generally, “while also supporting shares through significant capital return.”Don’t miss: Elon Musk says inflation may have peaked.
“While we believe AAPL is navigating the environment in an exemplary manner , we continue to model [near-term] demand conservatively given macro slowing, ongoing war in Ukraine, and potential for more movement restrictions in China,” he wrote in his note to clients.Oppenheimer’s Martin Yang saw many positive signs in the Thursday report, including management’s callouts of strong performance in Indonesia, India, and Vietnam, as well as a record number of people switching over to iPhones.
Citi Research analyst Jim Suva also cheered the company’s “great results,” while saying that he still sees numerous reasons for investors to buy Apple’s shares.